UPDATE 5/8/02 11:10PM:
We have learned that Roye's new contract has a roster bonus to be paid on March 1st or 15th of 2003. Sources tell Bernie's Insiders that the restructured contract is very favorable to the team in terms of cap relief for the next two years.
UPDATE 5/8/02 10:30PM: Bernie's Insiders have learned this evening that Orpheus Roye has restructured his contract to assist the team with gaining additional cap space, and helping to ensure that Roye will be part of the club in 2002. John Taylor relayed the news to Bernie's Insiders Club members attending the Browns Uncensored chat on Wednesday evening.
We have learned that Roye's restructuring did not add years to his contract, but that Roye will recieve a $750,000 signing bonus. We have no specific information at this time about the amount of cap space which will be saved by the restructuring, however Roye's current cap figure is in the neighborhood of $5 million dollars. Bernie's Insiders have been told late this evening that Roye's contract will call for less than $1 million in base salary, but will have substantial incentive clauses which may allow Roye to reach his previous salary figure.
Furthermore, we have been told that the team and Roye's representatives exchanged four or five proposals, and that an agreement was reached today. Sources close to the action have told Bernie's Insiders that the restructuring may be part of an attempt to clear cap space so that the Browns can pursue veteran free agents after June 1st, which may include the reciever position.
Stay tuned to Bernie's Insiders for more details as they come available.